News

21 December 2018

PAGBAM advised CVC TURISMO in the acquisition of 60% of the shares of OLA S.A.

OLA is an Argentine company, a leading travel agency which provides intermediation services of Tourism services and activities between consumers and providers. It specifically deals with the intermediation in the booking or provision of services regarding any kind of transport and hiring of hotel services in Argentina or abroad, the organization of individual or collective trips, excursions, cruises, or similar, the reception and assistance of tourists during their trips, their stay in Argentina, the provision of tourists guides and dispatch of luggage and the representation of other travel agencies, national or foreign, regarding the provision of these services.

CVC Turismo S.A.U., owned by the Brazilian tourist corporation group CVC, acquired 60% of the shares on a pro rata basis from Sellers, which remain as owners of 40% of OLA’s shares.

Prior to Closing, certain assets were segregated from OLA and transferred to Sellers.

The deal included a heavily negotiated stock purchase agreement, a stockholders agreement, and a Call and Put Option agreement amongst other transaction documents.

The transaction required intensive planning and a substantial due diligence.

The value of the transaction, which closed on December 11th, 2018, was of US$16,424,000, plus a capital increase of US$ 3,500,000.

Legal Avisers:

For CVC:

Pérez Alati, Grondona, Benites & Arntsen:

Partner: P. Eugenio Aramburu; and Associates: Andrés Bennet and Juan Negri

Read article published in LexLatin 

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